If you’re an enterprise who wants to offer checkout financing or already offers it to your users, you realize that financing/loan operations are very complex to manage. It becomes difficult to offer an efficient financing process and manage a smooth buying experience for your customers at the same time. The operations become really complicated and time consuming especially when you have tied up with multiple lenders.

Hypercredit solves end to end financing operations for you and your customer and lets you spend the right energy on your core business.

Understanding Operations in Checkout Financing

There are multiple operational processes in checkout financing/loans.

• Finding a suitable lender/NBFC for your customer
• Loan Processing and lead tracking
• Loan Confirmation and product fulfillment
• Fragmented reconciliation

We will discuss each operational step in detail and understand the complexities involved.

Finding a Suitable Lender/NBFC for your customer

This is a very critical part for your customer, which sets them up for a smoother financing process. If done correctly, the customer gets hooked to the financing option at the very early stage of checkout.

Each business has a different process to discover a suitable financing partner for their customers. Majority of them work offline and/or result in higher turnaround time. The hunting process and zero visibility for the customer makes the process inefficient. It also consumes a significant sales effort and time.

Hypercredit helps your customer and sales agents to find a suitable lender with zero documentation and completely online process, thereby bringing visibility. Hypercredit’s lender recommendation engine curates lender’s for your customer based on their profile and increases the chance of approval up-to 80%.

Loan Processing and Lead Tracking

Your customer and sales team, both are eagerly waiting to complete the financing process. The customer might pay again in case of doubt, which will add an extra refund process to the business’s shoulders. Or the customer might lose interest in the product which will result in lost GMV. It is very important to provide a central place for tracking.

Your sales struggles with following up all the leads. As your business grows, the increasing number of leads will require additional processes and resources to manage them. The tracking will require maintaining complex excel sheets and following up through multiple lender dashboards. The coordination with the lender becomes difficult.
An integration with your sales and CRM system and lenders will require continuous integration efforts across different lenders.

Hypercredit offers a unified view across all the lenders for your customer, sales, business and account teams. Hypercredit enables lead tracking for your sales, and accounts through a unified dashboard.

What’s for your customer?
Hypercredit enables your customers to complete the loan processing digitally, track the loan applications right at the checkout and/or create a new application or continue with the previous application.

And what if you want all this information to flow in your system?
Hypercredit one time integration will enable the loan steps, substeps, error codes, and rejection reasons tracking with zero additional integration for adding more lenders to your business.

Loan Confirmation and product fulfillment

Traditionally, the checkout financing is offline. Which makes the loan confirmation also offline and increases the TAT. The lender identified is fed into the system manually, increasing the chance of error.
Hypercredit notifies the loan status to your technical system and sales agents in real-time and aims at reducing product fulfillment turnaround time.

Fragmented Reconciliation Process

After the product is fulfilled, your account team rushes to track the settlement details and complete the reconciliation process. The process is cumbersome as your financing partner grows due to different file format. A reconciliation file is shared by each lender at a specific interval and the same is utlized to tally each loan transaction.

This makes the process completely operational and offline. It becomes difficult to maintain historical records.

Hypercredit addresses the reconciliation issues through a unified dashboard for your account team and helps flagging any anomalies. Hypercredit’s webhook and APIs help your system to consume settlement data for the reconciliation process.

Conclusion

As the growth of affordable payment options grows and the economy also progresses, the sustainable business will witness growth. This will also put a pressure on businesses to expand their affordable payment offerings. It becomes difficult for the businesses to power smoothless discovery of financing partners and tracking in transparent and reliable manner at scale.

So, be it discovery, tracking, reporting or report generation, hypercredit focuses on bridging all the gaps in financing operations end to end. It solves for your customer’s experience, simplifies tracking at each step while making the process digitally. Most importantly, it is built for all the stakeholders involved: Customer, Sales team, Business and Accounts.